The global product design and development services market size is expected to reach USD 17.1 billion by the end of 2026, exhibiting a CAGR of 10.9% over the forecast period, according to a new report published by Grand View Research, Inc. Low product cost, short time-to-market, and demand for advanced technologies are some of the factors boosting the growth. Medical and life sciences companies face extreme cost pressures to develop new innovative products in shorter time frames while complying with stringent regulatory requirements of medical device. The regulatory process greatly affects the pathway of device development.
The manufacturers face more hurdles in getting cost-effective high-quality products to market faster along with some internal factors, such as designing and production. Hence, medical device companies adopt a design-to-manufacturing approach where design, engineering, as well as production teams work in collaboration to form product model. This approach enhances both product quality and profitability by decreasing errors in development and designing thereby increasing success rates.
Outsourcing design engineering is anticipated to witness healthy growth over the forecast period as an increased number of manufacturers-from start-up ventures to established companies-capitalize on the benefits related to outsourcing design engineering such as improved product design and cost-effectiveness to attain a competitive edge.
Besides, expert engineering organizations can offer broad multidisciplinary expertise to supplement internal skills, resulting into superior as well as market-dominating products. Outsourcing to a third-party can bring greater control to the development of a medical device as they are bound by contract to perform and deliver.
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Further key findings from the report suggest:
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Grand View Research has segmented the global product design and development services market based on services, application, end use, and region:
Product Design and Development Services Outlook (Revenue, USD Million, 2015 – 2026)
Product Design and Development Services Application Outlook (Revenue, USD Million, 2015 – 2026)
Product Design and Development Services End-use (Revenue, USD Million, 2015 – 2026)
Product Design and Development Services Regional Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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